House owned by 4 siblings. Two living in the house.

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torrevieja

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I have a question about a Will, a house has been left to four siblings and two of them live in the house and the other two don't, there all quite happy for this to happen at present, so the two who don't live here have children and intend to write a Will , and the other two are single, Is it necessary for the two living in the house ( who are single ) to write a Will if they have no children , that if they pass away their share will automatically go to the other siblings and their children
 
Sorry gentlemen I suffer from Dyslexia I'll try again, a house has been left to four siblings and two of them live in the house, so the two who don't live there have children and intend to write a Will , Is it necessary for the two living in the house ( who are single ) to write a Will if they have no children as, their share will automatically go to the other siblings and their children
 
Yes, it would be best if they wrote a will. That way their wishes are unambiguous. It gives everyone peace of mind.

If they die intestate I would think their share goes to their siblings rather than nephews or nieces.
 
1)First you have to decide what each person wants to happen if they die
For example, is the objective that the if non-resident C dies, then his share will go to Resident A and B, or whichever of them still lives there?
Or does C want their 1/4 share to be distributed to their 3 children?

2) As a general rule, keep it as simple as possible.

2A) As a general rule, it is better that the fewer owners there are, the better.
It would be disastrous if Residents A&B are living in the house in their 70s and the 3 children of C who now own 1/2th each want to sell the house.

3) So what would be a good solution?
Resident A makes a will that their share in the house goes to Resident B, but if Resident B predeceases him, his share goes to the survivors of C & D.
Resident B makes a similar will.
Non-resident C makes a will that their share goes to A and B equally or, if either has predeceased C, to the other person in full.
Non-resident D makes the same will.

4) If A and B die, while C or D is still alive, then C or D makes a new will.
 
Thank you for the replies,
The one thing i forgot to mention is the original will states that A,B,C,D. can not sell the House unless A,B,C,D. are all in agreement
C would want to give her 1/4 share to her 3 children ,
D would want to give her 1/4 share to her 2 children,
A would want to give there 1/4 Share to C and D Children
B would want to give there 1/4 Share to C and D Children
 
I would to simplify everything

If A dies, give share to B, or else C if B predeceases, or else D if C also predeceases or else the nephews and nieces.
If B dies give share to A, or else D if B predeceases, or else C if C also predeceases or else the nephews and nieces.

This way either A or B end up with a half share, which is then passed to one sibling C or D if still alive.

It is much easier to deal with 50% of a house rather than a smaller amount, such as getting 10% from an uncle A and the years later getting 10% from uncle B.
 
Hi Bronte

The first thing to do is to decide what they want. What they are trying to achieve. Ignoring, for the moment, the tax aspects of it.

Then, when they decide that, they should check to make sure that there are no negative tax consequences.

They should not do something just because it's tax efficient.

Brendan
 
""They should sit down and reach and informal agreement that when A and B dies, that the house be sold and the proceeds distributed.""

Just to clarify this If C and D is alive they will then have 50% each of the house sale and can be distributed as they wish ?
So does a will have to be written at all , My issue would be that if C has passed away and D is till alive how does C children get there mothers Share.
Forgive me if im not grasping this
 
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